Balanced Scorecard Implementation at Philips |
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"Our aim for adopting the balanced scorecard solution is to consistently communicate strategy deep down into Philips' 80 businesses and support more than 10,000 managers with tools to turn strategy into action by sharing knowledge, aligning actions, monitoring progress and learning."1 - Peter Geelen of Philips Corporate Control, Responsible for the Balanced Scorecard Project, in 2001. "The balanced scorecard serves not only as the starting point for identifying those areas where breakthroughs in performance are most needed, but also as an instrument for tracking progress." - Annual Report, Philips Electronics NV, 2001. IntroductionIn order to bring in the desired change, Philips embarked on an improvement program, in all its divisions and departments across the world, encompassing all the employees. The program, called Business Excellence through Speed and Teamwork (BEST), described a set of methods and tools through which Philips aimed to improve business and financial performance.
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1] "Royal Philips Electronics Implements Lotus Collaboration and Knowledge Management Solutions to Extend Its Infrastructure," www.prnewswire.com, January 15, 2001. |
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